What’s The Income Needed For A $390K Mortgage?

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How Much Do Mortgage Lenders Look at Your Income?

When it comes to getting a mortgage, lenders are most interested in your ability to make steady payments on your loan. They’ll scrutinize your income to make sure it’s enough to cover the mortgage payment and associated costs. But how much income you need to qualify for a $390,000 mortgage will depend on the factors associated with your loan.

To qualify for a mortgage loan, you’ll need to prove to the lender that you have a steady stream of income that’s enough to cover the loan payments and other associated costs. Lenders will typically look at your income and debts, as well as your credit history and score, to determine if you have the financial means to make your mortgage payments.

How Much Income Do You Need to Qualify for a $390,000 Mortgage?

The amount of income you need to qualify for a $390,000 mortgage will depend on various factors such as your debt-to-income ratio, credit score, and the type of loan you’re applying for. Generally, lenders want to see that your monthly mortgage payment (including taxes and insurance) doesn’t exceed 28% of your gross monthly income.

For example, if your gross monthly income is $10,000, you’d need an income of at least $4,250 per month to qualify for a $390,000 mortgage. Along with your income, lenders will also look at your credit score, debt-to-income ratio, and other factors to determine how much you can borrow.

What is Debt-to-Income Ratio?

Your debt-to-income ratio (DTI) is a key factor in determining how much you can borrow on a mortgage loan. It’s calculated by taking your total monthly debt obligations (credit cards, student loans, car payments, etc.) and dividing it by your gross monthly income. The lower your DTI, the better your chances of getting approved for a loan.

For example, if you have a gross monthly income of $10,000 and $2,000 in monthly debt obligations, your DTI would be 20% ($2,000/$10,000). Lenders typically prefer to see a DTI of 36% or less to approve a loan. So if you’re aiming for a $390,000 mortgage, you’ll need to have a DTI of 36% or less to qualify.

What Else Do Mortgage Lenders Consider?

In addition to your income and debt-to-income ratio, lenders will also consider your credit score, the type of loan you’re applying for, and other factors when determining your eligibility. For example, if you have a lower credit score, you may need to have a higher income or a lower DTI to qualify for a loan.

The type of loan you’re applying for may also affect your eligibility. For example, if you’re applying for an FHA loan, you’ll need to meet certain requirements, such as having a minimum credit score of 580 and a maximum DTI of 43%.


When applying for a $390,000 mortgage, lenders will look at your income, debt-to-income ratio, and credit score to determine your eligibility. Generally, lenders prefer to see a DTI of 36% or less and a credit score of 620 or higher. The type of loan you’re applying for may also affect your eligibility, so it’s important to research the requirements before you apply.

Salma Bunga Gita

Hi my name Salma Bunga Gita , call me Salma. I come from Bali Indonesia. Do you know Bali? The beautiful place in the world.

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